Gold and Silver Surge Amid Geopolitical Calm; Rally Intensifies Ahead of Crucial U.S. Jobs Data
Precious metals witnessed a strong rally on the MCX, with both gold and silver prices climbing significantly. The gains were bolstered by easing crude oil prices for the week as investors await critical signals from the upcoming U.S. nonfarm payrolls report. Silver futures soared by Rs 2,864 to reach Rs 2,28,700 per kg on the MCX, while gold futures gained Rs 866, reaching Rs 1,49,724 per 10 grams.MCX Rally: Domestic Precious Metals Gains
In terms of cumulative performance across three sessions, both metals have seen substantial growth. Gold is up by Rs 6,335 (4.4%), and silver is up by Rs 11,016 (5.2%). Internationally, spot gold rose 0.4% to $4,254.11 an ounce after achieving a seven-week high in the previous session. Spot silver also gained 0.8% reaching $61.96 an ounce.Market Drivers and FedWatch Expectations
The global sentiment is being influenced by potential de-escalation risks. U.S. President Donald Trump indicated on Thursday that he believes the war with Iran would soon conclude, though he noted the military was facing weapon shortages. This geopolitical relief, coupled with declining oil prices, helps ease inflation worries. Lower expectations of sustained high interest rates are generally positive for gold, which is a hedge against inflation.However, market focus remains intently fixed on today's U.S. Labour Department nonfarm payrolls data. The CME FedWatch Tool now shows a 55% probability of a U.S. rate hike in September, down from 63% last week. Higher interest rates remain a headwind for precious metals that offer no yield.
Expert Trading Insights and Key Levels
Manoj Kumar Jain of Prithvi Finmart provided targeted guidance on trading strategies for gold and silver across global and domestic markets. For the international session, he noted resistance for gold between $4,340-$4,378 and support at $4,264-$4,220 per troy ounce.On the MCX, traders are advised that gold finds support between Rs 1,48,000-Rs 1,47,200 and resistance at Rs 1,49,550-Rs 1,50,150. For silver, resistance is set between Rs 2,28,000-Rs 2,30,500 while support lies in the range of Rs 2,24,000-Rs 2,21,200. Jain previously advised buying gold above Rs 1,49,000 and cautioned traders to book profits ahead of the U.S. jobs data release.
Physical Gold Rates Across Major Indian Cities
The rates for physical gold in major metropolitan centers show slight variations based on carat purity. Standard gold (22 carat) prices in Delhi stand at Rs 1,09,928/8 grams while pure gold (24 carat) is priced at Rs 1,19,895/8 grams.In Mumbai, standard gold is available at Rs 1,09,808/8 grams, with pure gold listed at Rs 1,19,792/8 grams. Chennai reports standard gold at Rs 1,10,000/8 grams and pure gold at Rs 1,20,000/8 grams. Hyderabad shows the same rate for standard gold (22 carat) as Mumbai—Rs 1,09,808/8 grams—and pure gold at Rs 1,19,792/8 grams.
Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.
Any views, opinions, or statements expressed, where applicable, are those of the respective analysts or experts and do not reflect the views of this website. The website has no association with such viewpoints and does not assume any responsibility for them.